Under the Sale of land Act 1962, a disclosure document known as a “Vendor Statement or Section 32 statement” must be given to a purchaser before a contract is signed. This statement must be signed by the vendor before it is signed by the purchaser.
The statement must contain certain information about the property being sold such as, information regarding the location of easements, particulars of any building approvals given in the last seven years, and details of rates and charges that affect the property.
The estate agent will discuss with the vendor any prospective offers you make to purchase the property and, when there is a mutual agreement for the terms of a sale, the agent will prepare a “contract note”. This contract note will contain all of the relevant information relating to the sale.
Our staff are happy to discuss the contract note and section 32 statement contents with you before you sign anything. There are many other things that should be done or considered before a contract is signed, such as:
- Measuring the property;
- Determining the availability of services;
- Examining the property for illegal structures;
- Ensuring that your contract is conditional upon finance approval if necessary.